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HELOC Calculator

See how much you could borrow with a home equity line of credit in Canada, up to 65% of your home’s value, and the monthly interest and repayments.

$

What it would sell for

$
$
%

Prime plus your lender’s margin

More options· Interest only
years

The draw period

years

0 to keep paying interest only

You could borrow up to

$210,000

The line of credit can be up to 65% of your home’s value, and up to 80% with your mortgage.

Interest only on $50,000
$185/mo

What this means

A HELOC is a line of credit secured on your home: you draw what you need and pay interest only on what you’ve used. The rate is variable, so it moves with the prime rate. The big banks’ prime rate was 4.45% in October 2026.

Paying only the interest never reduces what you owe. Set yourself a plan to repay it. Because your home is the security, you could lose it if you can’t keep up the payments.

Next step

How it’s worked out

80% of your home’s value$560,000
Less your mortgage−$350,000
Line of credit limit (65%)$455,000
You could borrow$210,000

Your home

Who owns what
  • Mortgage$350,000
  • HELOC$50,000
  • Equity left$300,000
Assumptions in this estimate
  • Federally regulated lenders can lend up to 65% of the home’s value as a revolving line of credit, and up to 80% with the mortgage.
  • The rate stays at 4.45% throughout; in practice it changes with the prime rate.
  • Lenders also check your income, credit and other debts, and may charge appraisal or annual fees.
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How the calculator works

  1. How much you could borrow: the line of credit can be up to 65% of your home’s value, and the line and your mortgage together up to 80%.
  2. The interest: the interest-only payment on what you borrow.
  3. Repaying: if you set years to repay under More options, the monthly payment to clear it, and the total interest.

Example

On a $700,000 home with $350,000 left on the mortgage, you could borrow up to $210,000 (80% of $700,000, less the mortgage). Borrowing $50,000 at 4.45%, the interest is about $185 a month.

Before you borrow against your home

  • Your home is the security: if you can’t keep up the payments, you could lose it.
  • Interest only isn’t repaying: what you owe stays the same until you pay more.
  • Rates can rise: a variable rate goes up when prime does.
  • Use it for things that last: repairs and improvements, or replacing much more expensive debt, rather than everyday spending.

Learn more

See our refinance calculator, the debt payoff calculator, and the mortgage calculator.

Last updated

Frequently asked questions

How much can I borrow with a HELOC in Canada?

With a federally regulated lender, the line of credit can be up to 65% of your home’s value, and your mortgage and HELOC together up to 80%. On a $700,000 home with $350,000 left on the mortgage, that’s up to $210,000.

How are HELOC payments worked out?

Most Canadian HELOCs only ask you to pay the interest each month, with no set date to repay. That keeps payments low, but what you owe never falls unless you pay more. Set a plan to repay it.

What is the HELOC interest rate?

Usually your lender’s prime rate plus a margin. The rate is variable, so it changes when the Bank of Canada changes its policy rate.

What is a readvanceable mortgage?

A mortgage combined with a HELOC: as you pay down the mortgage, the same amount becomes available to borrow on the line of credit, up to the limits.